What a changed world we are living in as we all try to navigate the challenges arising from the current Coronavirus Pandemic, including protecting the health and safety of our friends and family, and the viability of our businesses, employment and investments.

The purpose of this communication is to provide you with an update relating to the Government’s Economic Stimulus Package in response to the Coronavirus. Our office will continue to apply its available resources to assist and support you where we can through this uncertain period as we attempt to survive the ever changing restrictions we are all dealing with.

The following is a broad summary of the key aspects of the Federal Government’s stimulus package in response to the Coronavirus, as recently announced and enacted.

Deductible work-related expenses are always tempting to chase down, but to stay out of trouble with the ATO it’s always good to have fact sorted from fiction. We also look at the special CGT rules that apply when spouses have different residences.

There’s an exemption from reporting obligations for employers for certain “personal security” fringe benefits, and we spell out what needs to be reported, and what doesn’t, for SMSF event-based reporting.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Property developers often feel the gaze of the ATO on their activities, so we look at what could be getting its attention. Still on residences, we look at some little known facts about the CGT exemption that generally, but not always, applies to inherited homes.

Also dealt with is the tax that children’s savings accounts attracts, the operating costs available as deductions to SMSFs, and the top 10 tips for rental property owners to avoid common tax mistakes.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while you¹re away and after you return.

We also look at trust distribution resolutions, whether your backyard projects are considered a business or a hobby by the taxman, and simple measures to be aware of that can reduce the tax you pay on your small business.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

A Happy New Year to all! Below is a link to our first tax update newsletter of the 2020 financial year. We hope you enjoy.

When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes.

This new income year is the first where an amount of concessional super contributions can be carried forward ‹ but you need to closely follow the limits. SMSFs also must be wary of boosted ATO audit activity on the back of an increase in errors due to event-based reporting.

We also look at which trading structures may best suit your new business, with regard to not only tax outcomes but funding, remuneration and liability.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year.

Also this month we cover the ATO¹s compliance actions that it is subjecting trusts to, and the status of making personal deductions for car parking expenses.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used.

There have been changes made to the director penalty regime, which may mean tighter diligence is needed to stay out of trouble. We also run over the ATO’s system of tax rulings and determinations, and what these can mean for your tax outcomes.

The essentials of the super downsizer scheme are also covered, and an ATO-sourced “living expenses tool” has been made available that may help put your tax records in better shape.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

This year¹s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year.

Also note that proposed changes to Division 7A will be deferred from 1 July 2019 to 1 July 2020, and that there are some useful changes to superannuation that will benefit older pre-retirees.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

April Newsletter

Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims.

Business success can pivot on the quality of staff, so ensuring they are knowledgeable and efficient through further training can be a worthwhile effort. There could also be a tax deduction for the business.

We also look at deductions for certain interest expenses, claims for donations, and where smaller employers stand with regard to singe touch payroll.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

It¹s nowhere near the end of the FBT year, but a third quarter check-up can give you the opportunity to clear up any compliance issues. And it’s a perennial question – how much do you need to retire? We look at the latest estimates.

Santa’s probably dusting of the sleigh, so why not plan ahead for the Christmas party. We have some pointers to help keep the FBT Grinch away. There’s also information on tax when renting out part of your home, and we take a look at running a business out of your SMSF.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

There’s a new option in place for self employed Australians to be better able to save for retirement, but another change to the superannuation rules (in the SMSF arena) could lessen the appeal of borrowing to invest.

We look at a GST apportioning option to cover private use, and also the compliance steps that may need to be taken should the “use” of an asset change. And we take a broad overview of tax and the stockmarket.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.